Malaysian palm oil higher

KUALA LUMPUR: Malaysian palm oil futures ended higher on Friday, logging their fifth straight weekly gain, as a weaker ringgit helped erase early losses wrought by forecasts for higher production.

The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange closed up 4 ringgit, or 0.17%, at 2,370 ringgit ($555.69) a tonne, after falling as much as 1.9%.

Palm oil gained 0.94% this week, underpinned by expectations for robust demand this month.

Dalian's most-active soyaoil contract fell 0.46%, while its palm oil contract slipped 1.32%.